European Workers Would Trade Money for an Early Retirement

A Third of European Workers Unhappy With Government Policy to Raise Retirement Age in Their Country

ROTTERDAM, The Netherlands, April 29, 2010 - The lure of retirement is simply too much for many Europeans
with almost one in three workers (29%) saying they would prefer their
government not to raise the national retirement age, and would be happy to
have less income in retirement, according to Aon Consulting, the leading
employee risk and benefits management firm.

This research is part of the Aon Consulting European Employee Benefits
Benchmark which surveyed 7,279 workers across Belgium, Denmark, France,
Germany, Ireland, The Netherlands, Norway, Spain, Switzerland and the UK, ten
of the leading economies in Europe.

The Benchmark revealed that 46% of Irish workers, the most of
any European nation surveyed, say they never really expected to retire at 65
and expected to be working longer than their parents. This is closely
followed by the British and Danish (44%) and the Dutch (41%).

Many governments around the world have raised, or are in the
process of raising, the minimum retirement age in their country to help pay
for the pensions and healthcare of a rapidly aging population. By 2050, more
than 25% of the population in OECD countries will be 65 years old or older,
compared to slightly fewer than 15% today**.

German workers are the most pragmatic about the situation, with nearly
half (49%) saying they will take advantage of financial products on the open
market, such as annuities, at their own expense in order to be able to retire
at the age they had originally planned.

On the other hand, a clutch of other countries, including
Germany, Spain, Switzerland and Belgium, showed a much lower tolerance
towards working longer. The Spanish are the most reluctant to retire later,
with just 18% saying they have accepted this position.

On average, over a quarter of Europeans accept that while they
may have to work longer due to government policy, they will take
responsibility for their own financial situation by purchasing financial
tools such as an annuity.

Across Europe, people displayed a very high awareness of the
minimum state retirement age, with an overall average of nine in ten
Europeans saying it was an issue in their country.

Oliver Rowlands, head of retirement, EMEA, at Aon Consulting
commented: "The turbulent economic environment of the past few years has
really forced people and governments to take stock, look at their and their
nation's retirement plans and evaluate whether they will be ready for an
ageing population.

"Europeans are living longer and more productive lives than
previous generations, so it is no longer a given that people should retire in
their early sixties. European employers should be aware that older workers
bring a wealth of experience and may want to adopt a strategy for
accommodating part-time working or job-sharing, for example.

"But employers need to do more to ensure the health and
welfare of an ageing workforce. Health and wellness initiatives such as
employee assistance lines (a service for employees offering free counseling
and professional advisory services), flexible benefits, occupational health
initiatives and flexible working days, are all ways of helping to ensure the
health and welfare of an ageing staff."

Please visit aon.mediaroom.com/index.php?s=43&item=1902 to read
the full press release and survey responses for the 10 countries.

** Source: OECD factbook: 2009

titania.sourceoecd.org/vl=1375277/cl=15/nw=1/rpsv/factbook2009/01/02/01/index.htm

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For more information: David Skapinker, PR Manager, Aon, David.skapinker at aon.co.uk, +44(0)20-7505-7478; Bartjan Willenborg, Director of Marketing, Aon Consulting, Bartjan_willenborg at aon.nl, +31(0)10-448-7423